Marico Q3 Results FY2023, PAT at Rs. 328 crores

On 3rd February, Marico announced its results for the third quarter of FY2023.

Key Highlights:

- The revenue stood at Rs. 2470 crores, up by 3% YoY
- EBITDA was reported at Rs. 456 crores, up by 6% YoY.
- Marico reported a Net Profit was reported at Rs. 328 crores, up by 6% YoY.

Business Highlights:

- India Business delivered a turnover of Rs.  1,851 crores, up 2% on a YoY basis.
- Parachute Rigids was up 2% in volume terms after a tepid last few quarters, as the loose to branded conversions in the coconut oil picked up with copra prices firming up favorably in the offseason
- Value Added Hair Oils posted a value decline of 3% given the muted consumption sentiment in rural and sluggishness in mass personal care categories. 
- The Saffola franchise, comprising Refined Edible Oils and Foods, grew by 10% in value terms. - Saffola Oils stepped up the growth from the last quarter to post low teen volume growth as stability in trade inventory and consumer pricing prevailed.
- Foods grew 31% in value terms with 20% growth in the Oats franchise and newer offerings scaling up well. Saffola Oats maintained its strong leadership position in the Oats category. During the quarter, the Company launched healthy and lip-smacking snack offerings under the aegis of Saffola Munchiez.
- International business posted a turnover of Rs. 619 crores with 8% constant currency (cc) growth. - Bangladesh clocked 9% constant currency growth. Both the core and newer portfolios remained steady. 
- Vietnam grew by 13% in constant currency terms as the HPC and Foods franchises performed well. 
- Both MENA and South Africa grew by 13% in constant currency terms.

Commenting on the results, Saugata Gupta, MD & CEO, commented, “The quarter was characterized by improving trends in topline and earnings growth as the domestic business witnessed emerging signs of a gradual demand revival, while the international business stood its ground amidst macro headwinds in some markets. It was reassuring to see continued market share and penetration gains in most of our key portfolios and sustained growth momentum in new franchises. As the operating environment is expected to evolve favorably, we will aim to maintain an upward trajectory across growth parameters in the quarters ahead through consistent investment in our brands and focus on execution.”